Nest retirement calculator expense announcement 'offers certainty'

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Nest retirement calculator expense announcement 'offers certainty'

Thu 25th Nov 2010

A source from the trustee body of the National Employment Savings Trust (Nest) has suggested the announcement of the management fee to be applied to funds will deliver certainty to people affected by the reform.

Lawrence Churchill, chair of the Nest Corporation, made his comments after it was revealed that the company will take 0.3 per cent annually.

In his opinion, this levy offers value for money and will give people a degree of certainty regarding the scheme.

"The levels we're announcing today make real the promise of a low-cost scheme for our future members," he said.

According to a government announcement earlier this year, the 0.3 per cent annual management charge is one of two parts of the programme, with the other being the contribution of approximately two per cent.

Nest is scheduled to start operation in October 2012 and is aimed at helping low-to-moderate earners to put aside enough savings for a comfortable retirement.

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